On January 12, shares of Planet Labs surged 12% following the announcement of a multi-year, low nine-figure agreement with the Swedish Armed Forces. Under the deal, Sweden will purchase a dedicated suite of Planet Labs satellites and secure access to the company’s high-resolution imagery and analytics platform. The contract represents the third major government award in twelve months, following similar agreements with Japan and Germany, and underscores growing defense demand for rapid, sovereign space capabilities.

Planet Labs reported record third-quarter revenue of $81 million, up 33% year-over-year, and adjusted EBITDA of $5.6 million. For the first three quarters of 2025, the company generated $221 million in revenue, contributing to trailing-12-month revenue of approximately $295 million. Despite these gains, Planet Labs remains unprofitable on a GAAP basis as it continues to invest heavily in satellite deployment and data-processing infrastructure.

The company’s remaining performance obligations stood at $672 million at the end of Q3, a 361% increase year-over-year, while total backlog reached $734 million, up 216%. These figures reflect multi-year commitments from government and commercial customers, providing extended revenue visibility. With over $500 million in satellite services awards secured in the past year, Planet Labs has demonstrated a strong ability to convert its production line into long-term contracted revenue streams.

Planet Labs’ market capitalization has climbed toward $8 billion after a 388% gain in 2025 and an additional 96% rally since its last earnings report. The company’s total addressable market is estimated at $128 billion, yet current revenues represent less than 2% penetration. At its current valuation, investors face a premium multiple relative to more established software and aerospace peers, and must weigh the substantial growth runway against ongoing unprofitability and potential capital intensity of future satellite deployments.